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Teacher Pension Transfer
TorsyH1986
Posts: 1 Newbie
Hi,
I was a teacher and paid into the teacher pension. I was there for about 2 years, i then got a different job and and currently paying into that pension. I contacted the Teacher pension after and they got back to me after some time, I filled out the transfer form, then i received a letter to say i had to complete the transfer form within 12 months of me joining my current job so they cant transfer it, i was unaware of that. How do i get the money from the Teachers pension that i had paid in?
I was a teacher and paid into the teacher pension. I was there for about 2 years, i then got a different job and and currently paying into that pension. I contacted the Teacher pension after and they got back to me after some time, I filled out the transfer form, then i received a letter to say i had to complete the transfer form within 12 months of me joining my current job so they cant transfer it, i was unaware of that. How do i get the money from the Teachers pension that i had paid in?
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Comments
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How do i get the money from the Teachers pension that i had paid in?
See this thread.
https://forums.moneysavingexpert.com/discussion/6523227/teachers-pension-refunds-before-2016
Do you have a deferred TPS pension?0 -
Under 2 years or over 2 years? That distinction is very important in terms of what you can do next.TorsyH1986 said:Hi,
I was a teacher and paid into the teacher pension. I was there for about 2 years, i then got a different job and and currently paying into that pension. I contacted the Teacher pension after and they got back to me after some time, I filled out the transfer form, then i received a letter to say i had to complete the transfer form within 12 months of me joining my current job so they cant transfer it, i was unaware of that. How do i get the money from the Teachers pension that i had paid in?
If you had at least two years of TPS membership, you'll have a deferred pension which you can access when you reach retirement.
If you had under two years of membership, you can transfer to another pension scheme - either a workplace scheme, or if they won't accept the transfer, you can set up a personal pension and transfer that way.
The 'least best' option is getting a refund of your own contributions, because (a) they'll be reduced for tax and (b) there will be no employer contribution.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Under 2 years or over 2 years? That distinction is very important in terms of what you can do next.
Just possibly not - see thread referenced above.
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